I've worked with acetone for years, and all the advice given so far is very good, but I just want to throw my two cents in.
1. Acetone and acrylic plastics get along like Jeff Berlin and TalkBass. Be very careful using acetone around acrylic plastics.
2. If you get acetone in a open cut, no matter how tiny, you'll know it, your neighbor down the street will know it, people in the next town will know it. Light a match, then put it on your skin. You'll get the idea!
3. Acetone evaporates like crazy. You'll use a ton of it for whatever you're planning on doing. That's why they call it a "clean-air solvent".
I'd stick with something else when wiping down strings.